Sandy to cost Swiss Re $900 million

Estimate could change as claims assessment continues

Swiss Re estimates its claims burden from Hurricane Sandy will be roughly $900 million (USD), net of retrocession and before tax.

Read: Sandy’s hurricane-force winds caused little damage to buildings: Willis Re

Hurricane Sandy, which made landfall in the US on 29 October 2012, caused high winds and storm surge, resulting in extensive flooding and loss of life and property. Before it hit the US, Hurricane Sandy affected the Caribbean and The Bahamas.

In a statement, Swiss Re said its estimate is subject to change as the claims assessment process continues. Overall market losses are estimated to be between $20 – 25 billion.

Read: Southern Ontario hardest hit by Sandy 

“The hurricane hit the densely populated North-East coast of the US,” says Matthias Weber, group chief underwriting officer. “This led to prolonged power outages, disruption to public transport and damage to other infrastructure that have made recovery efforts very difficult. It also complicates the loss assessment process. Our claims estimate therefore is subject to a higher than usual degree of uncertainty and may need to be subsequently adjusted.”

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